Refusal to Sanction Restructuring Processes – Hurricane Energy, Amigo Loans

Refusal to Sanction Restructuring Processes – Hurricane Energy, Amigo Loans

Since our webinar earlier in the year, two key judgements have provided helpful guidance on circumstances where the courts will use their unfettered discretion in the refusal to sanction restructuring processes. Hurricane Energy provided a landmark judgment, being the first time since its introduction, that the court has pushed the refusal to sanction a restructuring plan.  The court rejected the company’s submission as to the “relevant alternative” to the restructuring plan and was unconvinced that the creditors subject to the cross class cram down would have been no worse off under the plan than the relevant alternative.  Even had such conditions been...

Read More
AZEK Company Debt Covenants Analysis – Americas Covenants

AZEK Company Debt Covenants Analysis – Americas Covenants

After completing its IPO in June 2020, the AZEK Company debt covenants and capital structure have become more complicated. The company’s gross profit increased 23.3% year over year at the end of Q2 2021 and during Q2, AZEK amended both its term loan and ABL facility to decrease pricing. Their springing financial covenants show that they must maintain a fixed charge coverage ratio of at least 1x, plus their debt and lien capacity shows that permissions from their term loans, ABL, and their unsecured debt are making an impact on the company’s leverage ratios.  To read our Americas Covenants team's...

Read More
AS Adventure Restructuring Analysis, Next Big Equity Play?

AS Adventure Restructuring Analysis, Next Big Equity Play?

As the AS Adventure restructuring process continues hedge funds are starting to look at the company as the next big equity play. When the pandemic hit, the Benelux-based outdoor sports clothing and equipment retailer was fearful for their liquidity, but their restructuring process has been fruitful, making the restructured loans interesting for investors. The company's June ‘21 recurring EBITDA is up more than 60% when compared to their levels in June ‘19 and their base-case implied equity value is estimated at €210M with LTV of 49%. As part of the AS Adventure restructuring, 50% of the company’s equity was stapled...

Read More
JBF Industries Debt Analysis, CFM ARC Bid Announced as Successful

JBF Industries Debt Analysis, CFM ARC Bid Announced as Successful

Analyzing the JBF Industries debt, our Asia Core Credit team provided an update on the bid process for the company's NPLs. Under the Swiss challenge method CFM ARC has been announced as the successful bidder. Initiated by BOB Capital Markets Ltd., a process advisor appointed by a Bank of Baroda-led consortium of lenders, the Swiss challenge auction showed no competing bids for the NPLs and Reliance Industries is backing an all-cash offer for the JBF Industries debt. There were a few options for CFM based on the JBF recovery probability as well as their competing bids, but since there were no competing bids the NPLs will...

Read More
Litigation, Regulatory and Chapter 11 Restructuring Trends

Litigation, Regulatory and Chapter 11 Restructuring Trends

The ever-growing subscriber base for Reorg in the Americas has long enjoyed premium content, including our coverage of legal and financial analysis as well as reporting of performing, stressed and distressed credits. Part of our “secret sauce” is Reorg’s trifecta approach, which combines experienced reporting with the expertise of seasoned financial analysts and lawyers. This results in more than the sum of its parts, as it provides customers with an unmatched holistic perspective. In recent months, the Americas team has been busy covering the litigation, regulatory and chapter 11 restructuring spaces. Chapter 11 filing frequency in the beginning of the...

Read More
Intralot Debt Analysis, 2024 €500 million 5.25% Senior Notes

Intralot Debt Analysis, 2024 €500 million 5.25% Senior Notes

Analyzing the Intralot debt and their 2024 €500 million 5.25% senior notes, our EMEA Covenants team discusses the Northlight and Bardin Hill entities who met on Monday, August 2, 2021 in front of a New York Court in order to challenge the exchange on the company's debt that has been proposed. The noteholders claim that the 2021 debt exchange violates terms of the 2024 notes and are calling the Intralot debt exchange a ‘Sweetheart Deal’. Reorg’s review of the 2024 notes indenture covenants, published in January by EMEA Covenants, highlighted that the proposed transaction could face litigation. Reorg analyzed the group’s ability to circumvent 2024 noteholder opposition...

Read More
1 4 5 6 7 8 20
Thank you for signing up
for Reorg on the Record!